Question about Property Assessment in STL County (Rea: sales, rental)

[pdm_ad]

I just got my tax bill on a $5000 rental property that I bought in August and the total was $1050. I called County Revenue and they said I had to appeal by July 12 2010. I told her that I just bought the property in August and I obviously couldn't meet that deadline. When I asked what I could do she said "I don't know".

Is anyone here familiar with this process? If so, do I have any recourse other than paying this year and contesting next year?

[CarrieNeno]

As you just purchased the property in Aug, the tax amount will more than likely be auto adjusted to your purchase price during the next assessment period. Not much recourse at this point.

If you have owned your property for awhile...

Local govnt entities are being inundated with similar requests right now, and frankly they can't afford them, hence the “deadlines”. I can tell you, however, if you implement it… they are processing them. I would have firm CMA data in hand proving the sales prices/tax base around you. If you bought the property for less, your final HUD is a great start.

Here's a bit that I wrote last September. It has links to all of the govt. entities for each county. I can tell you that I have a U-City client going through the same process. They are currently assessed at least 100K over market ( the 6 mos, ¼ mile radius sales data). They are trying to reassess the property prior to listing in the Spring, to nip the problem in the bud, save some money, and avoid disclosing the current astronomical propprty tax amount. They started the process in September, hoping to have it done by year's end. Not happening. It is processing. Last I heard, it may take through early Spring... but better to get the ball rolling as quickly as possible.

Notice, over the past 5 years the county stayed up on the sales trends and continually reassessed and increased peoples' taxes as the boom occurred and property values quickly increased. Now that things are plummeting (and EVERYONE is paying super bloated tax bills)… note, the lack of county urgency to correct the problem?! If these government entities are broke now, I can’t imagine where they will stand once everyone is taxed upon what their house is REALLY worth. Hence, the hoops and headaches they put in place to get reassessed.

It can be done. Huge headache... but possible. Good luck.

[pdm_ad]

Great info, thanks Carrie. I will get started now.

[moorlander]

I too need to challenge my assessment. In 6 years my taxes have gone up $700/year while I estimate my condo has declined in market value by $40k.

[CarrieNeno]

You're welcome =)

Oh Moorlander, the condo market is REALLY hurting right now. Get a CMA with a list of the closed/solds over the past 6-12 mos. It will give you ground to stand on.

I was shocked- the county VOLUNTARILY dropped our assessment by 22K last year! I have only talked to 2 or 3 other people that this happened to?! It saved us a big fat headache, and a little cash. Granted, that was after being RAISED over 100K in 7 years, but whatever?! Happy to have anything at this point?!

Good luck guys. It is no fun!